President Claudia Sheinbaum thanked Mexicans living in the United States for the remittances sent to Mexico during 2024, which reached a historic record of almost 65 billion dollars, demonstrating that “they are extraordinary.”
“First, I would like to thank my fellow countrymen and women who are extraordinary Mexicans always, but more so now, we must say it more forcefully,” said the president in her morning press conference on February 5 held in Querétaro, on the occasion of the Day of the 1917 Constitution, which was signed in that state of the country.
According to the Bank of Mexico (Banxico), remittances received in the country during 2024 totaled 64,745 million dollars, an unprecedented figure, rising 2.3 percent compared to what was recorded in 2023, despite a year-on-year drop of almost 51% in December.
The amount received in 2024, below the market and government expectations of 65 billion dollars, was 1.156 billion dollars higher than the also record 63.319 billion dollars in 2023, the Bank of Mexico said.
Thus, Mexico has had 11 years of increasing remittances.
“There are many of them who are there (in the United States) legally, with work permits, with a green card, or simply with nationality, because the 37 to 39 million that are mentioned are of Mexican origin who are in the United States, since they are first, second, third generation who continue to send support to their families, not every town does that,” the president acknowledged.
In this regard, he highlighted the fraternity and support of migrants with their families.
The people of Mexico are supportive and fraternal. Families stay together, they look for each other, they provide for each other. The fraternity of the people of Mexico is unique and that is reflected in the remittances, because it is not that families go there and forget about Mexico and their families, but that they support them permanently.”
Sheinbaum noted that it is important to recognize and vindicate migrants who, with so much effort, manage to support and help not only the economy of Mexico, but also that of the United States.
“Thank you! And I want to vindicate them, recognize them and support them in whatever is needed; I also want to say that it is estimated that these 65 billion dollars that come to Mexico are only 20 percent of what they generate, 80 percent stays in the United States, so they are extraordinary Mexicans who support a part of our economy, but they support the economy of the United States in a very important way.”
“We are always grateful and vindicated by our fellow countrymen,” he concluded.
The results come amid concerns about Trump's measures such as deportations and a possible 10 percent tax on money transfers from the United States, which would cause losses of up to 13 billion dollars in remittances that Mexico receives each year, according to researchers from the University of Guadalajara who told EFE.
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